Mortgage News

Looking at Housing Loan Programs? Here's How to Use a Mortgage Calculator as You Prepare

Many first time homeowners have an idea of the type of house they want to purchase but few know offhand how much house they can afford or the housing loan programs available to them.

By using a mortgage calculator, you will have an idea of what you can expect to receive and better yet, afford.

Zillow has two great calculators to help you prepare at choosing your loan programs. The first is the House Affordability Calculator, in which you enter your annual income, your down payment, and current monthly debts. It will then tell you, how much of a loan you can afford to take out.

The other calculator is the Mortgage Calculator. With this calculator you enter the price of the home you want, the down payment, select from the drop down menu the program and rates, select the current market rate, and taxes. It then generates a payment breakdown for you. It includes a payment schedule showing how your payments will be applied.

What's so great about this calculator is that you can adjust your options easily and see the results instantly. By selecting the current rate link, you can input your zip code and credit score and it will provide for you appropriate loan programs and options.

If you have questions about housing loan programs, call us at 803.765.1680 and toll –free 800.854.9484. Midland Mortgage will be able to assist you in your housing loan problems.